We have rather brash vendors who has insisted on a lock out agreement with a deposit 6,000. Are such agreements sensible?
There are a couple of primary concerns with signing a lock out contract (sometimes termed a shut-out contract) is that it takes away the focus from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it could turn out to be a hindrance. It is not particularly popular amongst Petersham conveyancing solicitors for this reason. The other main issue is the extent of the remedies available - a jilted buyer is very unlikely to be granted injunctive relief to prevent the owner selling to another buyer, so the only remedy available under the contract will be the reimbursement of wasted costs and, in limited situations, the additional payment of damages.
Why is leasehold purchase conveyancing in Petersham is more expensive?
The conveyancing charges on a leasehold property in Petersham is inevitably more expensive as compared to a freehold acquisition or disposal. This is due to the supplemental work required in dealing with the freeholder and management company to obtain information about whether the rent and service charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the block.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Petersham. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 31/8/2024, the requirements read as follows :
My colleague advised me that if I am buying in Petersham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Petersham conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Petersham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Petersham Education with maps and statistics, Local Amenities and other useful information concerning Petersham.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Petersham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Petersham
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I need to instruct a conveyancing lawyer in Petersham for my sale. Can I check a solicitor's record with the profession’s regulator?
Anyone may see documented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator could recorded telephone calls for training requirements.